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NRMLA Recommends Changes to HECM Loan Docs

Comments submitted by NRMLA to the Department of Housing and Urban Development this week recommended that the HUD 92900-A form be eliminated and other existing HECM loan documents updated to account for recent regulatory changes, such as financial assessment and non-borrowing spouse protections. “As a practical matter, the HUD 92900-A is a largely unusable HECM … more NRMLA Recommends Changes to HECM Loan Docs

HUD Secretary Focuses on HECM in Keynote Speech

Speaking before LeadingAge Florida, one of the state’s oldest and largest senior advocacy groups this week, Housing Secretary Ben Carson underscored his commitment to supporting HUD programs, such as the Home Equity Conversion Mortgage, that promote healthy living and financial independence. He acknowledged the growing popularity of reverse mortgages but also the challenges caused by … more HUD Secretary Focuses on HECM in Keynote Speech

Resolving Common Challenges When Using the Electronic Appraisal Delivery Portal

FHA Info #17-27 was published this week as a reminder to mortgagees and appraisers that they must have and maintain a valid user ID for FHA Connection (FHAC) to access the Electronic Appraisal Delivery portal. Individuals who have not signed on to FHAC for 90 days lose their user ID and must be reinstated by … more Resolving Common Challenges When Using the Electronic Appraisal Delivery Portal

Administration’s Budget Praises HECM and Proposes End to Cap

Recognizing the significant improvements that have been made to the HECM program that reduce risk to the MMI Fund and ensure responsible lending to aging homeowners, President Trump published a proposed Fiscal Year 2018 budget this week that would permanently remove the cap on the aggregate number of reverse mortgages that FHA can insure. The … more Administration’s Budget Praises HECM and Proposes End to Cap

Financial Assessment Looks Better and Better

Financial Assessment is still working, only more so. FHA’s new policy of requiring financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly three quarters and serious defaults by almost two-thirds. These results are even better than the encouraging data we shared this past February. FHA’s objective for … more Financial Assessment Looks Better and Better

Preparation for Loan Review System Go-Live on May 15th

There is less than one week remaining before the implementation of the Federal Housing Administration’s Loan Review System (LRS). When LRS goes live on May 15, lenders will use the system for all new post-endorsement loan reviews and other quality control functions for Single Family Title II mortgages (which includes Home Equity Conversion Mortgages). During … more Preparation for Loan Review System Go-Live on May 15th

HUD PD&R Publication Examines HECMs

The latest issue of Cityscape, published by HUD’s Office of Policy Development and Research, is a double issue titled “Home Equity Conversion Mortgages and Transforming Communities” that includes articles on reverse mortgage collateral, tax deferral programs, reverse mortgage motivations and outcomes and analysis of the Japanese reverse mortgage market. Guest Editor William Reid summarized the … more HUD PD&R Publication Examines HECMs

Helping Delinquent HECM Borrowers in IL and CA

The Illinois Housing Development Authority (IHDA) launched the Reverse Mortgage Assistance Program last week to help HECM borrowers in the Prairie State who are in technical default for not paying their property taxes and homeowners insurance policies. The IHDA offers up to $35,000 to reinstate a homeowner’s delinquent property expenses and pay future taxes and … more Helping Delinquent HECM Borrowers in IL and CA